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Crude Oil: Bullish Momentum ContinuesCrude Oil (MCX) Current Market Price: Approximately 7005 We have observed a significant bullish trend in crude oil over the past few weeks. Unfortunately, due to certain reasons, we were unable to provide updates during this period. Nevertheless, it is never too late to analyze the market. We remain optimistic about crude oil's prospects today. Crude oil has recently experienced a notable breakout, leading us to believe that it may reach levels of 7260 and 7590 in the coming days. For the time being, we will set our stop-loss at 6670, and upon reaching the levels of 6900-6910, we may consider adding positions. Stay tuned for further updates as the market progresses.
MCX:CRUDEOIL1!Long
by iamrk7
#CrudeOil update | MCX | 5- 7th April Timeframe: 1 Hour Crude oil opened with a gap-up today, indicating bullish momentum. The price faces resistance at the 7255 level, a significant barrier observed in historical price action. Anticipation of a gap fill suggests a potential retracement to fill the void created by the gap-up opening. Support is identified between the 7150-7130 zone, where buying interest is expected to emerge. Trend Analysis: In the short term, crude oil is exhibiting bullish momentum, supported by the gap-up opening. However, the resistance at 7255 suggests a potential reversal or consolidation. Technical Indicators: Moving Averages: The 50-day and 200-day moving averages may act as dynamic support levels, reinforcing the overall bullish bias if the price remains above them. Relative Strength Index (RSI): Currently, the RSI indicates overbought conditions, suggesting a potential pullback or consolidation in the near term. Trading Strategy: Long Opportunity: Traders may consider entering long positions if the price successfully breaks above the 7255 resistance level, targeting higher price levels. Short Opportunity: Alternatively, a short position could be initiated if the price fails to sustain above the resistance level and breaks below the support zone of 7100.
MCX:CRUDEOIL1!Long
by Shalvisharma5
Weekly Triangle Pattern Breakout in CrudeWeekly triangle pattern break out in Crude. Entry: CMP Stop Loss: 5658 Target 1: 7884 Target 2: 9635 Positive for: Companies with crude as an output. Examples are ONGC, IOC, RIL, OIL INDIA, BPCL, HPCL, ETC. Negative for: Companies with crude as an input. Examples are ASIANPAINT, BERGER PAINTS, MRF, APOLLOTYRE, GSFC, TATACHEM, ETC. More importantly rising crude prices is bad news for economy as inflation is likely to continue to remain elevated. With higher than normal predicted summer temperatures, electricity bill for end users is likely to remain elevated.
MCX:CRUDEOIL1!Long
by AmitGoel217
⛽ Crude Oil MCX April Future Weekly Chart Level 1-5 April, 24 🛢️ CRUDE OIL 20 APR WEEKLY FUT LEVELS by Trading Marcos 🎯 Weekly Range: 200 📉 Buy at: 6846.6 | Average at: 6823.0 🎯 Buy Target 1: 7032.6 | 🎯 Target 2: 7109.0 🛑 Buyer Stop-loss: 6779.93 📉 Sell at: 6799.4 🎯 Sell Target 1: 6785.4 | 🎯 Target 2: 6709.0 🛑 Seller Stop loss: 6866.07 #Crude #CrudeOil #CrudeOption #CrudeFuture #MCX #MCXLevels #OilFuture Don't forget to reciprocate your love by boosting and following #Trading Marcos
MCX:CRUDEOIL1!
by NumroTrader
Crudeoil | MCX | update Mar 27Crude Oil: Technical & Fundamental Headwinds 📆 Update - Mar 27 🕓 Timeframe: 1 hour 📈Technical Breakdown: A rising wedge pattern on the 1-hour chart has broken, potentially signaling a downtrend. (Your previous analysis is acknowledged!) Target to be: 6690/ 6660 💲Price Drop: WTI crude futures fell to $81/barrel on Wednesday. Inventory Surge: US crude inventories unexpectedly surged by 9.337 million barrels, the highest in a year. Supply Concerns Waning? This inventory build could indicate easing supply concerns. 🆘Geopolitical Uncertainty: However, Ukrainian attacks on Russian refineries and Middle Eastern tensions create market unease.
MCX:CRUDEOIL1!Short
by Shalvisharma5